According to public data compiled by researchers, 97 A-share companies classified under the SW Level-1 commercial retail industry generated combined revenue of 606.529 billion yuan and combined net profit attributable to shareholders of 11.795 billion yuan in the first half of 2025, representing year-over-year declines of 8.4% and 18.83%, respectively.
In the first half of 2025, 11 listed companies achieved revenue exceeding 20 billion yuan, with CITIC Metal, Sumec, and Tianyin Holdings ranking among the top three by revenue. Compared to the same period last year, Hermes Group recorded the fastest revenue growth. In terms of net profit attributable to shareholders, China Duty Free Group, Yiwu CSC, and CITIC Metal ranked in the top three, while Better Life Commercial Chainshare Co.,Ltd., Shanghai Xujiahui Commercial Co.,Ltd., and ST Yigou showed rapid growth in net profit attributable to shareholders.
Regarding gross margins, *ST Huke, Baida Group, and Focus Technology achieved the highest gross margins in the first half of 2025, with an additional 14 companies maintaining gross margins above 50%.
**11 Companies Achieve Revenue Over 20 Billion Yuan; China Duty Free Group and Yiwu CSC Lead in Net Profit**
Statistical data shows that in the first half of 2025, 97 A-share commercial retail enterprises achieved combined revenue of 606.529 billion yuan, down 8.4% year-over-year, and combined net profit attributable to shareholders of 11.795 billion yuan, down 18.83% year-over-year.
In the first half of 2025, the top five companies by revenue scale were CITIC Metal, Sumec, Tianyin Holdings, Yihaodian, and Yonghui Superstores, with revenues of 63.657 billion yuan, 55.101 billion yuan, 46.326 billion yuan, 35.961 billion yuan, and 29.948 billion yuan, respectively. Additionally, China Duty Free Group, Minmetals Development, ST Yigou, Aisino, Jiangsu Soho, and Guolian Securities all recorded revenues exceeding 20 billion yuan.
In terms of growth rates, Hermes Group achieved the fastest revenue growth compared to the same period last year, with a year-over-year increase of 375.31%, followed by Quanxinhao and Dalian Friendship, which grew by 146.25% and 135.19%, respectively. *ST Huke and Ningbo Zhongbai experienced significant declines, falling by 65% and 41.94%, respectively.
Regarding net profit attributable to shareholders, China Duty Free Group, Yiwu CSC, CITIC Metal, Chongqing Department Store, and Guolian Securities ranked in the top five in the first half of 2025, with profits of 2.6 billion yuan, 1.691 billion yuan, 1.448 billion yuan, 774 million yuan, and 680 million yuan, respectively.
In terms of growth rates, Better Life Commercial Chainshare Co.,Ltd., Shanghai Xujiahui Commercial Co.,Ltd., and ST Yigou showed rapid growth in net profit attributable to shareholders, with year-over-year increases of 357.71%, 325.65%, and 230.03%, respectively.
According to financial reports, in the first half of 2025, Better Life Commercial Chainshare Co.,Ltd. continued to learn from Pangdonglai's model. The supermarket business improved overall operating performance compared to the same period through gradually closing inefficient stores, renovating potential stores, and developing private label strategies. The company achieved operating revenue of 2.129 billion yuan, up 24.45% year-over-year, and net profit attributable to shareholders of 201 million yuan, up 357.71% year-over-year.
In the first half of 2025, Shanghai Xujiahui Commercial Co.,Ltd. recorded operating revenue of 189 million yuan, down 16.44% year-over-year, and net profit attributable to shareholders of 4.6647 million yuan, up 325.65% year-over-year. The main reason for declining revenue but rising net profit during the reporting period was that the company promoted major investment projects in the same period last year, including the closure of Liubai and demolition of buildings, while simultaneously advancing renovation and upgrades of Huiluan and Huijin, disposing of and scrapping fixed assets. This led to a year-over-year decline in operating revenue in the current period, while one-time expenses and losses decreased, resulting in a recovery and rise in net profit attributable to shareholders.
***ST Huke, Baida Group, and Focus Technology Lead in Gross Margins**
In terms of gross margins, the average gross margin of 97 A-share commercial retail enterprises in the first half of 2025 was approximately 31.67%, up 0.02 percentage points year-over-year, with a median gross margin of 29.68%, up 0.01 percentage points year-over-year.
Specifically, *ST Huke, Baida Group, and Focus Technology achieved the top three gross margins in the first half, reaching 92.16%, 88.26%, and 80.05%, respectively. Additionally, 14 companies including Hangzhou Jiebai, Fusenmei, Youa Shares, Lishang Guochao, and Macalline maintained gross margins above 50%.
Compared to the same period last year, *ST Huke, Shitou Shares, and Ruoyuchen showed rapid growth in gross margins.
According to financial reports, *ST Huke achieved revenue of 4.4 million yuan in the first half, down 65% year-over-year, with net profit attributable to shareholders of 34,900 yuan, down 95.81% year-over-year. During the reporting period, the company gradually transformed its positioning to become a flower trade and supporting services provider, building a "trading + services" collaborative ecosystem around Kunming Dounan Flower Trading Market in Yunnan Province and establishing a "resource integration - industrial operation - operational improvement" business system. Meanwhile, operating costs decreased significantly by 95.72%, far exceeding the revenue decline, which became the main reason for the substantial increase in gross margins.
Baida Group recorded revenue of 92.0333 million yuan in the first half of 2025, down 12.23% year-over-year, net profit attributable to shareholders of 57.8595 million yuan, up 10.64% year-over-year, and a gross margin of 88.26%, down 2.37 percentage points year-over-year. The company's revenue decline was mainly affected by diversified consumer demand and challenges to traditional department store retail models, with Hangzhou Department Store's operating revenue failing to meet targets, leading to an overall revenue decline. Meanwhile, the company's cost reduction was relatively small, resulting in compressed gross profit margins, which was also the main reason for the slight decline in gross margins.
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